Cabinet endorses Dh48bn 2016 budget

The UAE Cabinet, presided over by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, have discussed government affairs issues and adopted a number of decrees.

The UAE Cabinet held its meeting at the Presidential Palace and it was attended by Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior and Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

The Cabinet has approved the UAE Federal Government Budget estimated at Dh48.557 billion with zero deficit. The UAE government seeks to manage financial resources and efficiency and benefit from strategic partnerships to serve the nation.

His Highness Sheikh Mohammed bin Rashid Al Maktoum said the UAE Government strategies are following the direction of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, to utilise all resources to ensure the happiness of the Emirati people as well as strengthen the image of the UAE.

His Highness Sheikh Mohammed said: "Investing in Emiratis and meeting their needs are the basis of government work and has a priority in the National Agenda to reach the goals of the UAE 2021 Vision. Our priorities in the 2016 budget will be geared towards social development, education and health. Maintaining the first rank requires having all resources that enable the Emirati people and its government to reach these goals."

The 2016 federal government budget gives priority to services that touch on the lives of the people and more than 50% of the budget has been allocated in the following sectors: education (21.2%), social development (15.5%), public services (11.1%) and health (7.9%).

The budget has also allocated amounts for other sectors, such as defence, housing, public safety, economic, environment and culture.

On another topic, the UAE Cabinet approved the submission of the UAE’s Intended Nationally-Determined Contribution (INDC), an outline of actions the UAE aims to take to combat climate change, to the United Nations Framework Convention on Climate Change (UNFCCC).

The proposed climate action plan reflects the UAE’s economic diversification strategy and its commitment to sustainable development, which harnesses innovation and green growth to ensure prosperity and environmental protection.

The country’s national target to generate 24 per cent of its electricity from clean energy sources by 2021 reinforces its contribution to climate action.

In advance of the 21st session of the Parties to the UNFCCC (COP21) in Paris to be held in December, governments have agreed to submit INDC plans, detailing the actions they intend to take to limit greenhouse emissions and to adapt to the impacts of climate change.

During COP21, leaders from the world’s 193 countries are expected to finalise a new global climate change agreement which will set a framework for international efforts to combat climate change. The new agreement will be the accumulation of negotiations since 2011 that would help reinforce and build on national actions to fight climate change.

Meanwhile, the Cabinet adopted the National Emiratisation Strategy in the banking and insurance sector.

Emiratisation in the UAE is a national priority.

By issuing policies and initiatives, the UAE Government seeks to create and foster a work environment that attracts Emiratis in public and private sectors at large.

The government is also cooperating with relevant entities to utilise the skills of Emiratis to meet the needs of the labour market.

Being a hub for organisations, the Cabinet approved the inauguration of an office for the Arab Tourism Organisation in the UAE.

The office will help promote the tourism sector of the UAE regionally and internationally, and exchange information between potential investors. The UAE government is keen to host international organisations in the country and provide relevant benefits.

Addressing government affairs, The Cabinet also discussed a number of recommendations submitted by the Federal National Council on the Policies of the Ministry of Economy to boost national economy and another one on protecting workers in agriculture and fishing. In addition, the Cabinet reviewed the Fiscal Statement of Emirates Transport for the year ending 2014.

Relating to other organisational issues, the Cabinet also endorsed the re-organisation of the board of the Insurance Authority chaired by the Minister of Economy.

On the international level, the Cabinet endorsed the commitments of the UAE towards the Trade Facilitation Agreement (TFA) of the World Trade Organisation.  The agreement contains provisions for expediting the movement, release and clearance of goods, including goods in transit. It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues. It further contains provisions for technical assistance and capacity building in this area.

In addition, the Cabinet ratified a number of international agreements to boost cooperation such as an agreement with Ethiopia on Avoidance of Double Taxation and Income Tax Evasion.

A number of other agreements on air transport and services have been endorsed with Kuwait, Slovakia, Iceland and Eritrea.

 

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